Company Overview of The Bank of New York Mellon
The Bank of New York Mellon provides banking and other financial services to corporations and individuals. The Company engages in six core businesses: securities servicing, global payment services, asset management and private client services, corporate banking, global market services and retail banking. The Bank of New York Mellon was formerly known as The Bank Of New York and changed its name to The Bank of New York Mellon in July 2008. The Bank of New York Mellon was founded in 1784 and is headquartered in New York, New York. The Bank of New York Mellon operates as a subsidiary of The Bank of New York Mellon Corporation.
One Wall Street
New York, NY 10286
Founded in 1784
Key Executives for The Bank of New York Mellon
Senior Executive Vice President and Chief Executive Officer of Alternative & Broker-Dealer Services
Chief Executive Officer of Treasury Services and Vice President
Chief Executive Officer of Corporate Trust
Compensation as of Fiscal Year 2014.
The Bank of New York Mellon Key Developments
Blackrock, PIMCO Sue Six Trustees over Mortgage Securities Losses
Jun 19 14
Filed in the New York State Supreme Court, the lawsuits alleges that the trustees, including Deutsche Bank, HSBC, US Bancorp, Citibank, Wells Fargo, and Bank of New York Mellon, failed to properly oversee payments and enforce terms on more than $2 trillion in residential mortgage-backed securities. The trustees are claimed to have breached their duties to protect investors by failing to force lenders and sponsors of the securities to repurchase the loans that failed to meet the quality standard previously described to potential buyers. A complaint against Citibank says the bank was aware of 'industrywide abandonment of underwriting guidelines' for the loans, while the lawsuit against BNYM alleges that the trustee and its responsible officers knew of pervasive, material breaches of originators, 'yet did nothing to protect the trusts. A person familiar with the lawsuits was quoted by Reuters as saying that the investors are seeking damages for losses that surpassed $250 billion and relate to more than 2,200 residential mortgage-backed securities trusts issued between 2004 and 2008. The lawsuits address bonds that were not included in the previous $8.5 billion and $4.5 billion settlements reached with Bank of America and JPMorgan Chase, respectively, over mortgage-backed securities. Apart from BlackRock and PIMCO, the lawsuits were also filed on behalf of Charles Schwab, DZ Bank and other institutional investors, including Bernstein Litowitz Berger & Grossmann. Meanwhile, spokesmen for all defendants refused to comment on the lawsuits, while Blackrock and PIMCO public affairs also failed to immediately respond to a request for comments.
Bank of New York Mellon Announces Final Net Cash Dividend, Payable on June 9, 2014
May 2 14
Bank of New York Mellon announced final net cash dividend of $0.823658, payable on June 9, 2014 with record date of April 29, 2014.
Commerce Suit Against The Bank of New York Mellon and U.S. Bank over Mortgage-Backed Securities
Dec 5 13
Local attorney Paul Snyder filed two lawsuits - one against U.S. Bank and the other against The Bank of New York Mellon. Both accuse the banks of failing to do their duties as trustees of investments made by Commerce and others in residential mortgage-backed securities. Although many say the role of trustees is purely administrative, the plaintiffs argue that they were in a position to stop illegal behavior by the banks servicing the loans and instead did nothing. It's a new approach to this type of case. Typically, lawsuits stemming from the 2008 housing and financial crisis go after the bank that made the bad loans or the servicer that did a poor job servicing them. But a local federal judge gave a preliminary green light to the argument's legal viability. U.S. District Court Judge Brian Wimes denied a motion by U.S. Bank to dismiss the case, deciding that four of the five claims had legal viability. The suit against U.S. Bank was filed in the Western District of Missouri. It alleges breach of contract for implied contractual duty to avoid conflict of interest, duty to avoid conflict of interest, breach of fiduciary duty and negligence for failing to perform its duties with care. The suit against The Bank of New York Mellon, which was filed in Jackson County Circuit Court, alleges breach of contract, breach of fiduciary duty, negligence and accounting.
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